If you have reached the point of considering personal bankruptcy, your first question is one that most in the same financial position in Richmond likely share: "What do I stand to lose?" Bankruptcy is meant to be a tool to help put you back on the path to financial stability. At the same time, achieving that becomes difficult if you have to forfeit up much of your own personal property in the process. For this reason, the law allows you to keep your interest in certain property exempt from bankruptcy proceedings.
When you decide to declare bankruptcy in Virginia, you must then decide which type of bankruptcy is right for you: Chapter 7 or Chapter 13. Chapter 7 bankruptcy, or "liquidation" bankruptcy, as it is commonly referred to as, involves the liquidation of all a debtor's assets to repay creditors. Chapter 13, on the other hand, is a "reorganization" bankruptcy. When you file for this type of bankruptcy, your debts get reorganized in such a way that allows you to repay your debts via low monthly payments over a longer period of time.
Filing for bankruptcy can be a daunting task for anyone, but especially for large companies that are grasping at straws to overcome financial blunders. For struggling companies in Virginia, filing for bankruptcy may bring with it the promising hope that somehow, they may be able to turn their problems around and strengthen their financial foundation to rediscover success.
If you are like most Virginia residents in their 60s and older, you never expected to be at this stage of your life still struggling to make ends meet financially. Yet, if this is your everyday reality, you are far from alone. New data released from the Consumer Bankruptcy Project shows that more people 65 and older are filing bankruptcy today than in the past.
Bankruptcy is rarely something that people plan for. In fact, it is often a decision that is made after the grueling discovery that recovering from financial missteps is relatively impossible. For many people in Virginia, the disappointment of having to file for bankruptcy is exfoliated by the fact that their credit will take a significant blow from such a large financial blunder. However, with time, it is certainly possible for people to recover from going bankrupt and continue to enjoy a promising and rewarding financial future.
When companies realize they are on the verge of bankruptcy, the future can seem quite bleak. In many cases, organizations fail to overcome their weaknesses and end up having to suspend business operations entirely. However, businesses in Virginia that are financially struggling, have many options to consider as they try to diagnose what missteps were ultimately responsible for creating their current situation. With the right strategy and tenacity, struggling companies are often able to regain traction and once again enjoy success.
Operating a business in Virginia can be full of surprises when the economy shifts, consumer interests change, new competitors enter the market or key employees end up leaving. In each of these cases, critical decisions must be made to identify new goals that will ultimately allow the organization to continue to work towards accomplishing their goals. However, if a business is not proactive about maintaining the health of its finances, any one of these scenarios could cause significant stress and strain.
While retirement is generally celebrated as a period to enjoy relaxation, adventuring and peace, this is often not the case for many people in Virginia. Along with the extended freedom, comes the obligation to continue financing everyday needs but on a much more limited budget and with restricted access to financial rewards. With the right tools and some keen money management skills, people can avoid having to declare bankruptcy in the years when they should be living life to its fullest.
The ebbs and flows of operating a business can be a challenge at times for management to navigate, especially when they seem to happen relatively quickly. In fact, sometimes changes can happen so fast that leaders are left with little time to make critical decisions about the organization's future. In other cases, companies in Virginia may have made missteps or taken careless risks that ultimately led to a gradual downfall. Businesses that are aware of what can be done to avoid ever having to file for bankruptcy may be more successful in maintaining financial security, even when times are challenging.
Having to declare bankruptcy may have provided you with sudden financial relief, but it can also leave a lasting impression on your financial security and credit score. A damaged credit score can make it difficult to acquire a loan or purchase things like cars and homes in Virginia. Fortunately, there are things you can do to overcome this financial setback and expedite your recovery to a secure financial future.